As we search for methods to rapidly expands testing and potential vaccines for COVID-19, it's worth re-evaluating our system of researching, developing, and selling pharmaceutical drugs in this country. 1/

Our current system is almost universally regarded as being punitively expensive with consumers reporting being forced to ration medication such as insulin. Americans dying because they can't afford their prescriptions seems like the clearest evidence that we need a new system. 2/

Costs are so high for 3 reasons.

1.) Consilidated industry that works like a cartel.
2.) Prices cover the cost of advertising.
3.) Innovation yields patents and the power to retain longstanding monopoly power.

3/

Reforming each of these causes of unaffordability requires passing legislation over the power of an industry that makes massive campaign contributions and has an army of lobbyists. Campaign finance reform would unequivocally grease the wheels for prescription drug reform. 4/

The socialist solution to reigning in the prescription drug industry is nationalization with the case being that government can deliver lower costs to consumers because it doesnt need to make a profit and report earnings to investors. 5/

The problem with that is that a profit motive actually works effectively as a driver of innovation. And we are innovating. We are just innovating the wrong things. 6/

Pharmaceutical innovation is not prioritized by the drugs in greatest social need. It's driven by what can deliver the most short-term profits. While cosmetic drug innovations might benefit investors on pay day, curing Alzheimer's should be a greater priority. 7/

Bernie Sanders actually has a very good bill to address this (that he never talks about :/). It would swap out patents with cash prizes based on the most critical social needs. Drugs designed for curing a debilitating disease would mean more money. 8/

And by eliminating the patent system, we would see much greater competition and a supply chain that could more rapidly reach more people. 9/

To reign in costs, it also makes sense to join the rest of the world in banning pharmaceutical companies from running advertisements. This is a unique feature of the American healthcare system that should be eliminated. 10/

In order to put additional pressure on pharmaceutical companies to deliver affordable prices, the government should manufacture generic drugs as a public option. 11/

A regulated, competitive pharmaceutical market with a public option and rules prohibiting corporate political spending will expedite critical lifesaving innovation and lower costs for consumers. 12/

Creds to @DeanBaker13 @ewarren @janschakowsky @BernieSanders @mattyglesias @ezraklein for inspiring the content of this thread. :)